THINKING THE RIGHT THINGS
When embarking on your investment journey, mindset is everything. Approach everything from an investment and business point-of-view. A great way to keep yourself in this headspace is to write down, and frequently reference, your goals. If you stay ready, you don't have to get ready.
STUDY THE RIGHT SOURCE
There is an abundance of material for investors of all skillsets. Books, blogs, youtube, podcasts - you name it, it's out there. Find a reputable source, and get studying! The more you know, the better you are able to assess the current climate and make the right moves.
PICK THE RIGHT PLAN
One of our three investing principles is "Never Invest on a Whim". Having a plan is an integral part of being a successful investor. Ensure you really examine your "why". Know what you are willing to do, and what you’re not willing to do. In addition to this, your end goal, risk tolerance, purchase cadence, and financing are just a handful of the other factors you need to consider when drafting your investment plans. Remember: if you fail to plan, you plan to fail.
ACQUIRE THE RIGHT ASSET, WHILE AVOIDING LIABILITIES
When searching for the right asset, it's important to keep in mind that the right property fits your plan, fits your budget, and fits your management capacity. Taking on too much can stop your investment goals in their tracks, before you even get off the ground.
MANAGE THE RIGHT METRICS
Finding a property to invest in takes time, you can't just pick the first pretty house on the block. There are a multitude of metrics to take into account before jumping in head first, such as return on investment, expense and market data, net operating income, and your total investment. Taking all of these factors into consideration will ensure you acquire the right asset to add to your ever growing portfolio.
Whether you're just starting out, or looking to continue to grow your portfolio, get in touch with us for more information.